The global Composite resin is expected to grow from USD 20.5 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 6.0% during the forecast period. Increasing demand from various end-use applications is majorly driving the growth of the market. The composite resin are used in construction & infrastructure, transportation, electrical & electronics, pipes & tanks, wind energy, marine, aerospace & defense, and various other applications. However, the negative impact of the COVID-19 pandemic on the end use industries has affected the composite resin market adversely.
The thermoplastic composite resin is the fastest-growing resin type segment of composite resin in terms of value and volume.
The thermoplastic composite resin type segment is expected to witness high growth as the application of thermoplastic resin as a matrix material in composites has grown significantly in the recent years.The main advantage of thermoplastic resin as a matrix material is that the composites formed can be reshaped and reformed unlike thermoset resin.
High impact strength, better surface quality, less product rejection, high rigidity at elevated and sub-zero temperature, creep resistance under severe environments, and constant load have made thermoplastic resin market more lucrative than that for thermoset resin. The thermoplastic composite resins are widely utilized in transportation, electricals & electronics, and aerospace & defense, and other industries which will drive the demand during the forecast period.
The compression molding manufacturing process segment to be the fastest-growing segment during the forecast period
The demand for compression molding process is expected to increase during the forecast period.The process requires low investment cost, and can potentially last for decades with minimal maintenance.
It produces more consistent sets of products, which is important for high-volume productions.The compression molding process mainly utilizes thermoset resins such as polyester, epoxy, and phenolic.
This process is widely applicable for GFRP and CFRP products in industries such as transportation, infrastructure & construction, and aerospace & defense which is increasing its demand in the market.
The transportation application segment to be the fastest-growing segment during the forecast period
The transportation application is the fastest-growing segment as in this application composite resin is used in large quantities for the production of composites.The strength-to-weight ratio of most composites is higher than that of steel and aluminum.
The saving in weight for a given level of strength makes composites play a vital role in the transportation application.Modern light rail and passenger rail are using composites in body panels, floor panels, and other components to reduce the weight and increase efficiency of these transportation medium.
The environmental regulations regarding emission standards, specifically in North America and Europe, are the major driving factors to introduce more lightweight and fuel-efficient vehicles, thus increasing the demand for composite resins.
APAC to lead the composite resin during the forecast period
APAC is projected to have the largest share in the composite resin and will expand significantly by 2026.This dominance is attributed to the rising demand from domestic industries in the region.
APAC is projected to be the fastest-growing composite resin market due to the rising demand for composites from application industries in the region.Presence of emerging economies such as China, India, and Indonesia make the region the most promising market for composite resin.
Increase in its demand from pipes & tanks, electrical & electronics, and wind energy industries in APAC is expected to drive the market in the next five years. The growing focus of the region toward renewable energy resources has led to the increased wind turbine installations, further leading to the growth of the composite resin market.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
• By Company Type- Tier 1- 37%, Tier 2- 33%, and Tier 3- 30%
• By Designation- C Level- 33%, Director Level- 27%, and Executives- 40%
• By Region- North America- 22%, Europe- 40%, Asia Pacific (APAC) - 20%, Latin America-3%, Middle East & Africa (MEA)-15%,
The report provides a comprehensive analysis of company profiles listed below:
• Huntsman International LLC (US)
• Hexion, Inc (US)
• The Dow Chemical Company (US)
• Ashland Global Holdings, Inc (US)
• Sumitomo Bakelite Co., Ltd (Japan)
• Schott Bader Company Limited (England)
• Royal DSM N.V (Netherlands)
• BASF SE (Germany)
• Kukdo Chemical Co., Ltd. (South Korea)
• Polynt S.p.A (Italy)
• SABIC (Saudi Arabia)
• Arkema SA (France)
• Evonik Industries AG (Germany)
• Atul Ltd (India)
• Allnex Composites (Germany)
• Nan Ya Plastics Corporation (Taiwan)
• Showa Denko K.K (Japan)
• Swancor Holdings Co., Ltd (Taiwan)
This report covers the global composite resin and forecasts the market size until 2026.It includes the following market segmentation-By resin type (Thermoset Composite Resin, Thermoplastic Composite Resin), Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, Others), Application (Construction & Infrastructure, Transportation, Electrical & Electronics, Pipes & Tanks, Wind Energy, Marine, Aerospace & Defense, and Others), and Region (North America, Europe, APAC, MEA, Latin America) - Global Forecast to 2026.
Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global Composite resin.
Key benefits of buying the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
1. This report segments the global composite resin comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the composite resin and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, expansion, and acquisition.
Reasons to buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall composite resin and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.